Estate Planning FAQs2022-01-13T17:26:30-06:00

Estate Planning FAQs

Once I have a revocable living trust, how do I fund it?2022-01-17T23:15:30-06:00

For your trust to activate, you must fund the trust with the help of an experienced estate planning attorney. Brown Law PLLC will assist you with transferring ownership of some or all your assets into the trust. Schedule an office or virtual client appointment today to fund your trust; simply contact us.

If I have a revocable living trust, do I need a will?2022-01-17T23:15:44-06:00

Yes. If you have assets that were not placed into the trust before your death or after it, then a pour-over will enable those things to funnel into and be administered under terms of any revocable living trusts.

How will the revocable trust help me if I own property located outside of Texas?2022-01-17T23:15:58-06:00

People who own real property outside the State of Texas may be able to avoid probate of their wills in each of those states by establishing a revocable living trust. The trust will own the real properties and probate will not be necessary for the properties. For more information on revocable trusts, please contact us today to schedule your consultation.

Why should I have a revocable living trust?2022-01-17T23:16:17-06:00

The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. Establishing a revocable living trust may be the most efficient and effective way to avoid probate thereby limiting hassle of court proceedings and executor probate filing requirements.  Once the settlor, or trustor, passes, the assets owned by the revocable living trust continue to be administered by the trustee for the benefit of the named trust beneficiaries without the need for probate.

Is it better to leave a will or a trust?2022-01-17T21:32:43-06:00

The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. This goal can be met via a will or a trust. However, consideration of your family dynamics, net worth and asset portfolio, future needs and/or legacy wishes, is essential to determining the best vehicle to achieve this goal as it may be suggestible to draft a will, a revocable living trust, or both. Contact us today to schedule a consultation top discuss your specific estate planning needs.

What is a medical power of attorney?2022-01-17T20:45:20-06:00

A medical power of attorney is a legal document which gives one person the ability to handle medical decisions on your behalf as an agent. This type of power of attorney allows your agent to make critical medical decisions on your behalf, and obtain your medical records while you are incapacitated or otherwise unable to take care of yourself.

What is a durable power of attorney?2022-01-17T20:38:18-06:00

A durable power of attorney is a legal document which gives one person the ability to handle financial transactions on your behalf as an agent. This type of power of attorney allows your agent to take care of your financial responsibilities such as pay mortgage and credit card bills, purchase and/or sell real estate, or other business transactions while you are incapacitated or otherwise unable to take care of yourself.

What is Estate Planning?2022-01-17T20:27:27-06:00

Estate Planning is a process in which individuals attempt to maximize their wealth during their LIFETIME and PASS the LARGEST amount of ASSETS possible to their loved ones at death with as LITTLE HASSLE as possible. (source: John V. Childers, Jr., The Secret Millionaire: Asset Security System)

Why is it good to avoid probate?2022-01-17T17:25:45-06:00

Time and money. Probate is a court process with all of its various proceedings, such as court hearings, gathering or inventorying estate asset and paying off debts, which takes months or even years. You can take appropriate steps to avoid probate of your assets. If you have any questions about how to avoid probate of your assets, call us to schedule a free consultation today.

What is a power of attorney?2022-01-17T20:32:45-06:00

The power of attorney is a legal document which gives one person the ability to act on your behalf as an agent. The type and extent can vary greatly and for whatever period that’s appropriate- whether it be temporary or permanent. The agent steps in to your shoes and therefore has the same amount of control over financial transactions and/or medical decisions as you.

What happens if I don’t have a Will?2022-01-13T17:51:24-06:00

If you die without a will, Texas law will determine how and to whom your money and property will go to. This likely will complicate matters in your family particularly if some do not believe it is fair.

What is the main purpose of a trust?2022-01-17T21:59:44-06:00

The main goal of estate planning is to maximize your wealth during your lifetime and to pass the largest amount of assets possible to your loved ones at death with as little hassle as possible. This goal can be met via a will or a trust. Establishing a trust may be the most efficient and effective way to avoid probate thereby limiting hassle of court proceedings and executor probate filing requirements. In some cases, establishing a trust may help to avoid or reduce inheritance taxes for families who would otherwise be subjected to an Estate tax bill.

What is probate in simple terms?2022-01-13T17:13:28-06:00

The probate process is the entire system for administering an estate after someone passes away. This includes everything from tax responsibilities and debts to possessions, so it’s important that you have a say in how your money or assets will be distributed when they’re gone! If there are any questions about this type of law matter feel free get back with us because our attorneys here at Brown Law PLLC can help guide all aspects towards clarity.

How much money can you inherit without paying taxes on it?2022-01-13T17:06:39-06:00

The federal estate tax is complicated, but it’s important to know. The amount of assets that are subject to this taxes varies depending on your lifetime and the year you pass away in particular; for example if someone dies during calendar years 2021-2022 then they will be taxed at 18% or 40%.

Should I assign a power of attorney?2022-01-17T17:00:48-06:00

Yes. Your power of attorney will be responsible for making decisions on your behalf if you are incapacitated. You can assign someone to make both financial and health care decisions, or you can assign these duties to different people. You may want to think about giving someone power of attorney if they are able, trustworthy and willing to make sound financial and/or medical decisions for you if the need arises.

What is the job of my executor?2022-01-17T17:28:39-06:00

Your executor is responsible for gathering your assets, making sure your debts and taxes are paid, and distributing the money to your beneficiaries.

When I die, do I have to pay taxes on my money?2022-01-13T16:58:54-06:00

Yes. Your estate will be taxed by the government when you die, but there are ways to protect it from this death-tax!

An attorney can help prepare an appropriate plan so that everything passes smoothly without any complications or unnecessary fees attached onto your loved one’s final expenses in life.

Do I need to have a will?2022-01-13T16:56:16-06:00

Yes, the best way to ensure that your loved ones are taken care of after you pass away is with a will. It doesn’t matter how much money or property there may be – every situation deserves thoughtful consideration.

It is important to have a will, even if you are wealthy. If your loved ones must divide up money and property after death then they won’t know how much responsibility each person deserves because there won’t be any instructions on who should get what in the event of one’s passing away! Additionally with minor children involved it allows for accounts such as guardianship issues which can become complicated very quickly without careful planning beforehand.

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